Retirement

What is the Public Service Pension Plan (PSPP)?

With Canada’s aging population, more residents will be looking to retire in the coming years. A government benefit designed to help Canadian retirees is the Public Service Pension Plan (PSPP). The main objective of the Public Service Pension Plan is to supply a retirement income to eligible residents during their lifetime. In addition to retirement …

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How Much Does the Average Canadian Have in RRSP?

The Registered Retirement Savings Plan (RRSP) in Canada is a savings scheme established for the main purpose of retirement. Every country has a retirement age. In most countries, retirement begins at 65. This figure (65 years) is arrived at based on the physiological development of humans. It is expected that you don’t have the same …

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7 Best Annuity Calculators in Canada

An annuity is a lump sum investment in exchange for a steady flow of income you can earn for life. Although employer pension remains the benchmark for retirement income, only a few Canadians ever think of purchasing an annuity. The annuity concept is straightforward. You give an insurance company a significant sum of money in …

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What is a 401k?

A 401k, also written as 401(K), is a US tax-deferred established retirement plan which allows employees to contribute a part of their salary towards retirement. The Canadian equivalent of a 401(k) is the Registered Retirement Savings Plan (RRSP). 401k allows an employer to equal employee’s contribution to tax-deductible company contributions. Notably, earnings on all contributions …

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